Amalgamation of DAS and Temple Insurance Company approved by OSFI
Ottawa, ON (Aug. 8, 2018) – Amalgamation of DAS and Temple Insurance Company has been approved by the Office of the Superintendent of Financial Institutions.
On August 7, 2018, Canada’s Minister of Finance, The Honourable Bill Morneau, approved the transaction to merge DAS’s risk-carrying capacity with Temple Insurance Company, the primary insurance carrier of Munich Re in Canada. DAS also moves forward as of August 9, 2018 as a Managing General Agent (MGA), with the continued mission to grow and lead the Legal Expense Insurance market in Canada.
“The successful amalgamation of DAS and its transformation into an MGA within such a short time period reflects the high energy, passion and dedication of all staff involved,” says Philipp Wassenberg, CEO and President of Munich Re of Canada and Temple Insurance. “Now DAS and Temple will move forward together to drive strong Legal Expense Insurance growth and deliver the benefits amalgamation brings to our clients.”
While DAS Legal Protection Inc. is now jointly held between Munich Re, Canada and ERGO International, nothing has significantly changed when it comes to servicing customers. Legal Expense Insurance sales, marketing, underwriting and claims all remain within DAS.
DAS and Temple look forward to working together, with the common mission to provide access to justice for Canadian individuals and small business owners.
About Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2016, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €2.6bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in ERGO.
Munich Reinsurance Company of Canada is Canada’s leading non-life reinsurer with offices in Toronto and Vancouver. Temple Insurance Company, a member of the Munich Re Group, underwrites with a focus on large industrial and commercial business, providing quality capacity and engineering services for accounts requiring dedicated placements for Property, Casualty, Construction and Oil & Gas. Temple Insurance also underwrites with a focus on niche and segmented products and programs. Our clients are managing general agents, managing general underwriters, and program administrators that provide the Canadian marketplace with unique products enriched by expert underwriting, superior business knowledge and responsive service.
ERGO is one of the major insurance groups in Germany and Europe. Worldwide, the Group is represented in over 30 countries and concentrates on Europe and Asia. Within the group, three entities manage domestic and international business, as well as digital and direct business (ERGO Deutschland, ERGO International and ERGO Digital Ventures). About 44,000 people work for the Group, either as salaried employees or as full-time self-employed sales representatives. In 2016, ERGO recorded a premium income of 17 billion euros and rendered benefits to customers of 16 billion euros. ERGO is part of Munich Re, one of the world’s leading reinsurers and risk carriers. For more information, visit www.ergo-group.com.
About DAS Legal Protection Inc.
DAS is the Canadian market leader and managing general agent specializing exclusively in Legal Expense Insurance. Working with brokers and corporate partners, we create access to justice solutions so Canadian individuals, families, and business owners can exercise their rights, preserve their budget, and be confident when facing an unforeseen legal event. DAS Legal Expense Insurance policies are underwritten by Temple Insurance Company, and both companies are members of Munich Re (Group). To learn more, please visit www.das.ca.
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.
SOURCE: DAS CanadaTags: amalgamation, DAS Canada, ERGO, merger, MGA, Munich Re, Temple Insurance